u.today
The recent jump in the price of Bitcoin (BTC) to $73,620, almost reaching its all-time high from March, has led to some interesting insights from notable analysts, including veteran trader Peter Brandt. Many consider Brandt a trading legend. He is known for his disciplined approach to technical analysis, which he has been doing since the 1970s.
He also shared his thoughts on the outlook for the main cryptocurrency's current market. Plus, he hinted at a research project he is working on. The goal is to uncover "real classic patterns" in the price history of Bitcoin. The project will focus on chart structures unique to the cryptocurrency's market cycles.
They are all different. I am in the process of completing a document, pointing out the real classic patterns that have occurred in bitcoin history.
— Peter Brandt (@PeterLBrandt) October 30, 2024
If Brandt releases his study on historical price patterns, it could reveal repeating structures that the trading guru thinks are real indicators of Bitcoin's price behavior. This is big because the research might give us new insights into past market cycles of the "new gold" and unique patterns that could influence future price expectations.
What are trader's thoughts on Bitcoin's current price movement?
He shared some ideas about where the cryptocurrency might go next. The analyst used semi-log and linear scale measurements to come up with a target near $94,000 per Bitcoin, based on a measured triangle pattern move.
B I T C O I N $BTC
— Peter Brandt (@PeterLBrandt) October 29, 2024
There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used
Target of 94,000 is measured move of triangle projected from breakout level on semi-log
⬇️ 🧵 1/3 pic.twitter.com/VI0n7OAvia
He also mentioned an approach that looks at price swings from the November 2022 low to the March 2024 high, along with levels seen in August 2024.
Despite all these projections, Brandt said he is focusing on one target at a time and is being cautious with predictions and risk management.